King voluntarily resigned from Merrill Lynch on 4/21/2023 after allegations of “unsuitable and unauthorized trading in certain clients’ accounts.” No additional information is available.
Since 8/17/22, a total of 19 customer disputes have been filed in King’s record, with the most recent filed on 10/15/2023. Most filed between 4/15/2023 and 10/15/2023 are currently in pending status. Eight of the disputes were denied. Three claims filed in 2022 were settled for a collective total of $332,500.
These customer disputes contain allegations of:
- Alleged failure to follow instructions when two positions in a client account were not sold when requested.
- Failing to act in a client’s best interest
- Failure to implement risk management strategies, leaving a customer’s portfolio vulnerable to market volatility
- Misrepresentation of an equity-indexed annuity
- Misrepresentation of certain option positions.
- Other misrepresentations
- Unauthorized trades
- Unauthorized trading of certain option positions
- Unsuitable and unauthorized options trading and use of margin
- Unsuitable investments
- Unsuitable options strategy
Unsuitable Options Trading Strategy
Options trading can be complex and take many forms. At times, options trading can be offered as a way to generate income in an account through different strategies including a popular method called covered calls where an option is sold to purchase a block of stock already held by the customer. However, the length of time, cost of the option and other factors can have a significant impact on the trade and the customer’s portfolio. FINRA has reported a rise in securities arbitration claims involving risky option strategies and the unsuitable use of options by brokers and brokerage firms.
William King Securities Arbitration Claims
A previous customer dispute filed on 4/16/2014 alleged “misrepresentation from January 2013 to December 2013.” There were no requested damages listed, and the claim was withdrawn.
Another prior customer dispute filed on 6/21/2002 alleged that King committed “misrepresentation at time of purchase of variable annuity.” Although the claim was settled, the requested damages were not disclosed.
A dispute filed on 8/14/2001 in which the customer “questioned the appropriateness of a bond he purchased in December 2000” with no specific damages requested. Both King and the firm denied the allegations, and this dispute was closed with no action.
A similar dispute filed on 2/8/2001 indicated that King “misrepresented” a particular investment to the customer. No damage amount was listed. King and the firm rebutted that the problem was with the issuer that discovered “potential account irregularities.” The dispute was also closed with no action.
Vero Beach, Florida Securities And Investment Fraud Attorneys
Vero Beach, Florida is located north of Palm Beach County on Florida’s east coast along the Atlantic ocean. Our Florida securities and investment fraud attorneys have handled thousands of securities arbitration claims on behalf of investors against every major Wall Street firm. Our FINRA arbitration attorneys have recovered millions of dollars for investors.
As we are headquartered in Florida and all of our attorneys are admitted to practice in Florida, we are intimately familiar with the pool of Florida arbitrators and the Florida securities and investor fraud statutes as well as potential claims that could be brought under Florida elder protection laws. We are happy to meet with investors in person and to address any questions that you may have. As our Florida attorney’s work on a contingency fee basis, we are only paid if we help you recover money.
Did You Invest With William King?
Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today at (800) 975-4345 and let us know how we can help.